SAN FRANCISCO, Sept. 04, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in J2 Global, Inc. (NASDAQ: JCOM) to submit their losses now. Only four days remain until the September 8, 2020 lead plaintiff deadline in a securities fraud class action against J2 Global.
J2 Global (JCOM) Securities Fraud Class Action:
J2 Global is a digital media roll-up that has acquired 186 businesses since its inception. Its CEO describes the Company’s “acquisition system” as its “single great competitive advantage.”
The complaint alleges that Defendants throughout the Class Period misrepresented and concealed that: (1) J2 Global engaged in undisclosed related party transactions; (2) J2 Global used misleading accounting to hide requisite impairments and underperformance in acquisitions; and (3) several so-called independent members of the Company board of directors and audit committee were not disinterested.
The complaint alleges that investors began to learn the truth on June 30, 2020, when research firm Hindenburg released a scathing report about J2 accusing the Company of engaging in undisclosed related party transactions and accounting manipulation. Hindenburg stated “[w]e … believe J2’s opaque acquisition approach has opened the door to egregious insider self-enrichment, which we believe approximates $117 million to $172 million” and concluded “We Believe J2 Global’s Equity Is Uninvestable.”
In response, the price of J2 Global shares traded sharply lower.
“We’re focused on investors’ losses and proving J2 Global intentionally misrepresented the success of its roll-up strategy,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of J2 Global and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding J2 should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email JCOM@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895